ProShares UltraShort Russell2000 ETF Forecast
ProShares UltraShort Russell2000 ETF downgraded from Hold/Accumulate to Sell Candidate after Friday trading session.
(Updated on May 03, 2024)
The ProShares UltraShort Russell2000 ETF price fell by -1.89% on the last day (Friday, 3rd May 2024) from $11.63 to $11.41. It has now fallen 3 days in a row. During the last trading day the ETF fluctuated 3.05% from a day low at $11.15 to a day high of $11.49. The price has fallen in 7 of the last 10 days and is down by -8.5% for this period. Volume has increased on the last day by 1 million shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 4 million shares were bought and sold for approximately $50.65 million.
The ETF is moving within a wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect ProShares UltraShort Russell2000 ETF with a 90% probability to be traded between $10.43 and $12.45 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and ETFS seldom manage to go directly from the bottom of a trend up to the top. ETFS turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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TWM Signals & Forecast
There are few to no technical positive signals at the moment. The ProShares UltraShort Russell2000 ETF holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at $11.82 and $11.49. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, April 18, 2024, and so far it has fallen -8.72%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume rose on falling prices yesterday. This may be an early warning and the ETF should be followed more closely.
Support, Risk & Stop-loss for ProShares UltraShort Russell2000 ETF
ProShares UltraShort Russell2000 finds support from accumulated volume at $11.33 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This ETF has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the ETF moved $0.340 between high and low, or 3.05%. For the last week, the ETF has had daily average volatility of 3.33%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (TWM) For The Upcoming Trading Day Of Monday 6th
For the upcoming trading day on Monday, 6th we expect ProShares UltraShort Russell2000 to open at $11.35, and during the day (based on 14 day Average True Range), to move between $10.99 and $11.83, which gives a possible trading interval of +/-$0.418 (+/-3.66%) up or down from last closing price. If ProShares UltraShort Russell2000 takes out the full calculated possible swing range there will be an estimated 7.32% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $11.48 (0.61%) than the support at $11.33 (0.70%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is ProShares UltraShort Russell2000 ETF A Buy?
ProShares UltraShort Russell2000 holds several negative signals and is within a wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this ETF. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this ETF since the last evaluation from a Hold/Accumulate to a Sell candidate.
Current score: -4.730 Sell Candidate Downgraded
Predicted Opening Price for ProShares UltraShort Russell2000 of Monday, May 6, 2024
Fair opening price May 6, 2024 | Current price |
---|---|
$11.35 ( 0.526%) | $11.41 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for TWM
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 11.69 | 2.45 % | |
R2 | 11.56 | 1.32 % | ||
R1 | 11.48 | 0.612 % | ||
Current price: | 11.41 | |||
Support | S1 | 11.22 | -1.66 % | |
S2 | 11.14 | -2.37 % | ||
S3 | 11.01 | -3.51 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 12.47 | 9.29 % | |
R2 | 12.07 | 5.78 % | ||
R1 | 11.48 | 0.613 % | ||
Current price | 11.41 | |||
Support | S1 | 11.33 | -0.701% | |
S2 | 10.98 | -3.77% | ||
S3 | 10.96 | -3.94% |
TWM Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | Mar 20, 2024 | Mar 20, 2024 | Mar 27, 2024 | $0.0859 | 0.81% |
2 | Dec 20, 2023 | Dec 20, 2023 | Dec 20, 2023 | $0.234 | 1.92% |
3 | Jan 06, 2023 | Sep 20, 2023 | Sep 27, 2023 | $0.127 | 0.81% |
4 | Jan 06, 2023 | Jun 21, 2023 | Jun 28, 2023 | $0.118 | 0.82% |
5 | Jan 06, 2023 | Mar 22, 2023 | Mar 29, 2023 | $0.0710 | 0.442% |
FAQ
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